Don’t try to insure the house for less than full replacement value (which can be different from the purchase price). If you do, you risk receiving only a percentage of the actual value of the house in the event of a disaster.
Your solicitor or conveyancer will get you to sign a Transfer of Land document about three weeks before settlement. This will be handed to your chosen financial lender at settlement. It will then be registered at the State/Territory Titles office on your behalf to change the ownership of the property. When your solicitor or conveyancer is satisfied everything is in order, a settlement time will be booked. They will contact your lender and the vendor’s solicitor to arrange the date and place of settlement. You will be advised of this.
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Final Inspection
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On the morning of the settlement, it is recommended that you have a final look at the property with the agent. This is to make sure the owners or their tenants are really moving out and that they are not removing light fittings or door handles, or that they haven’t left a rubbish tip in the backyard!
A cheque for the balance of the property will be handed over to the vendor’s solicitor in return for the title of ownership.
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Obtain Keys
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You will receive a copy of the property title and, of course, a set of house keys! A good tip is to change your locks because you don’t know if a tradesperson or cleaner had access to the property. The property is now really yours. It’s time to open that champagne.
Congratulations! You own your first home.
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